TBX vs. UUP
TBX (ProShares Short 7-10 Year Treasury) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, TBX returned 2.10%/yr vs 3.20%/yr for UUP. At a 0.18 correlation, their price movements are largely independent. TBX charges 0.95%/yr vs 0.75%/yr for UUP.
Performance
TBX vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 3.28% return, which is significantly lower than UUP's 4.92% return. Over the past 10 years, TBX has underperformed UUP with an annualized return of 2.10%, while UUP has yielded a comparatively higher 3.20% annualized return.
TBX
- 1D
- 0.31%
- 1M
- -0.17%
- YTD
- 3.28%
- 6M
- 3.40%
- 1Y
- 2.87%
- 3Y*
- 4.64%
- 5Y*
- 6.11%
- 10Y*
- 2.10%
UUP
- 1D
- 0.21%
- 1M
- 2.12%
- YTD
- 4.92%
- 6M
- 4.92%
- 1Y
- 7.04%
- 3Y*
- 4.78%
- 5Y*
- 5.90%
- 10Y*
- 3.20%
TBX vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 3.28% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
UUP Invesco DB US Dollar Index Bullish Fund | 4.92% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between TBX and UUP is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | 0.18 |
Over the past year, TBX and UUP have become more correlated (0.48) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
TBX vs. UUP — Risk / Return Rank
TBX
UUP
TBX vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Invesco DB US Dollar Index Bullish Fund (UUP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TBX | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.21 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 1.94 | -1.00 |
| Martin ratioReturn relative to average drawdown | 1.88 | 5.26 | -3.38 |
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Drawdowns
TBX vs. UUP - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for TBX and UUP.
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Drawdown Indicators
| TBX | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -22.19% | -18.85% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -3.65% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -10.05% | +2.28% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -10.37% | +2.60% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -14.24% | -5.22% |
Current DrawdownCurrent decline from peak | -16.93% | -1.75% | -15.18% |
Average DrawdownAverage peak-to-trough decline | -26.60% | -8.90% | -17.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 1.36% | +0.18% |
Volatility
TBX vs. UUP - Volatility Comparison
ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.42% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.34%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 1.34% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.52% | 4.32% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 6.08% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 7.22% | +1.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.14% | 6.96% | +0.18% |
TBX vs. UUP - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
TBX vs. UUP - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 3.04%, less than UUP's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 3.04% | 3.45% | 6.58% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.27% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
TBX and UUP have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBX has higher volatility (1.42%) compared to UUP (1.34%). In terms of maximum drawdown, TBX dropped -41.04% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.20% vs 2.10% for TBX. On fees, UUP is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.20% return vs 2.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.95% for TBX.
UUP has the higher dividend yield at 3.27%, compared with 3.04% for TBX.
TBX is categorized as Inverse Bonds, while UUP is Currency. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for TBX and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.17 vs 0.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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